Fidelity Digital Assets, in its latest "2026 Outlook Report," has identified the increase in institutional holdings alongside the "security debate" as two main lines of Bitcoin: by the end of 2025, the number of publicly traded companies holding at least 1,000 BTC increased from 22 to 49 within a year, seen as direct evidence of deeper involvement from traditional institutions; in the same report, Fidelity refuted the claim that "halving weakens Bitcoin's security," citing data showing that Bitcoin miners' daily income rose from about $26,300 to about $40.2 million, proving that the overall security budget has not shrunk. According to AiCoin data, two seemingly contradictory signals have recently appeared on-chain: on one hand, a newly created wallet address withdrew 1,350 BTC from Binance, estimated to be worth about $81.87 million at the time, indicating that funds at the tens of millions level are choosing to go into self-custody; on the other hand, on-chain analysts revealed that the whale address sat0shi777 currently holds a total value of about $102 million, with BTC long positions and ETH short positions facing respective unrealized losses of about $1.86 million and $1.23 million, indicating that typical large holders are under pressure on both sides. Standing at the time point of 2026-06-28, this article uses these institutional report data and clearly traceable on-chain address behaviors as a starting point to attempt to dissect the current bullish and bearish signals of Bitcoin and the divergence in security perception from three dimensions: holding concentration, whale position structure, and security budget.
Public Company Holdings Double: Bitcoin Added to Balance Sheet
Compared to the short-term bullish and bearish game of a single whale address, the change in the market structure is more fundamentally altered by changes in the holding entities. Fidelity Digital Assets reported in the "2026 Outlook Report" that by the end of 2025, the number of publicly traded companies holding at least 1,000 BTC nearly doubled from 22 to 49 within a year. The threshold of 1,000 BTC corresponds to company-level asset allocations worth tens of millions of dollars, which goes beyond "trial positions" and is closer to a strategic holding that can affect financial report performance and shareholder expectations. Since these entities are publicly listed companies, this Bitcoin must enter the balance sheet and be disclosed in financial reports. From the perspective of regulation and information disclosure, Bitcoin is being incorporated into the traditional corporate asset system, rather than just remaining on the small-scale trading accounts of financial or investment departments.
When tens of millions of dollars of Bitcoin positions enter the balance sheet, it shifts from a "speculative target" within the company to a "strategic asset" requiring joint responsibility from the board of directors and shareholders, corresponding to expectations for longer-term holding and more prudent scaling decisions. This shift directly reshapes the holding structure: on one hand, leading publicly traded companies have increased their voice in market narratives and policy discussions, and their opinions on accounting standards, tax treatment, and even regulatory attitudes will carry more weight; on the other hand, the increase in high-threshold concentrated holdings objectively raises the holding concentration, embedding Bitcoin within a mainstream asset framework while also increasingly relying on the behavior and risk appetite of a few large balance sheet holders.
After Halving: Miner Income Surges Instead
As the holding structure becomes increasingly "institutionalized," the debate around whether halving weakens Bitcoin's security has been brought to the forefront. Fidelity Digital Assets explicitly rebutted the view that "halving inevitably weakens security" in the "2026 Outlook Report," citing miner income data as core evidence: according to their statistics, the average daily income of Bitcoin miners did not decline in tandem with the reduction of block rewards, but rather surged from about $26,300 to about $40.2 million, showing a substantial increase.
The key to Fidelity's argument is to distinguish between the concepts of "block reward halving" and "overall miner income." Miner income consists of block subsidies and transaction fees, with halving directly affecting the former. However, the actual security boundary of the network depends on whether overall miner revenues can support sufficient computational power remaining online. The report points out that, under the condition of significantly rising average daily income, the Bitcoin network still provides sufficient economic incentives to attract and maintain computational power investment, thereby reinforcing long-term security on an economic level, rather than automatically leading to weakened security due to halving.
Larger Withdrawal of 1,350 BTC from New Wallet
According to AiCoin data, a large withdrawal from Binance was recently monitored on-chain: a newly created wallet address received 1,350 BTC in a single transaction, without any historical trading records, estimated to be worth about $81.87 million at the time. This type of direct transfer from a centralized exchange to an on-chain address implies that the corresponding position has shifted from exchange custody to a self-custody form, which may involve new major holders or institutional accounts enabling cold wallets, or existing holders adjusting custody arrangements, but the specific identity remains unconfirmed based on current public data.
If we juxtapose this large withdrawal with the trend in Fidelity Digital Assets' report indicating that "the number of publicly traded companies holding at least 1,000 BTC increased from 22 to 49 within a year," we can see signals on two levels: on one hand, the absolute number of holding entities exceeding 1,000 has increased, with new wallets worth tens of millions also appearing or migrating on-chain; on the other hand, whether it is corporate asset allocation or high-net-worth individuals, the increase in such large addresses will objectively push Bitcoin to concentrate from numerous small accounts to a few large addresses, thereby raising the proportion of long-term holding and self-custody, while also accumulating governance and liquidity risks brought about by increased holding concentration. The withdrawal of this 1,350 BTC is a noteworthy sample of Bitcoin's holding structure continuing to concentrate towards large addresses.
Whale sat0shi777: Long and Short Positions Under Pressure
As large spot addresses continue to concentrate, according to AiCoin data, on-chain analysts have traced the whale address sat0shi777, which is amplifying risk exposure through leveraged positions. This address currently has a total position value of approximately $102 million, which includes long Bitcoin and short Ethereum contracts, but both sides are encountering adverse market conditions: the BTC long position is facing an unrealized loss of about $1.86 million, while the ETH short position has an unrealized loss of about $1.23 million, showing a significant retraction in the overall account across asset classes and directions.
Structurally, this combination of "long BTC + short ETH" reflects a directional bet that Bitcoin is relatively stronger while Ethereum is relatively weaker, but the fact that both longs and shorts are under pressure implies that this large holder is not only facing paper losses from price volatility but is also experiencing rising margin requirements and tightening risk control. Compared to the earlier concentrated holding samples dominated by spot, sat0shi777’s leveraged positions approaching $100 million with long and short positions emphasize that even amidst institutional accumulation and long-term holding narratives, large on-chain participants may still experience sharp retracements in the derivatives space, and subtle adjustments in their risk appetite and strategy will directly be reflected in the changes of these unrealized loss scales.
Market Signals of Institutional Accumulation and Whale Games
Standing at the time point of 2026-06-28, placing the three threads of institutions, miners, and whales together, Bitcoin currently presents a structure of "coexisting security and concentration": on one hand, Fidelity Digital Assets statistics show that the 49 publicly traded companies holding at least 1,000 BTC, combined with miners’ average daily income now rising to about $40.2 million, indicate that whether viewed by institutions as an asset allocation target or by miners relying on block subsidies and transaction fees, there are still sufficient incentives to maintain network operation. This dimension of "security" is more reflected in the cash flow support behind computing power and long-term holding willingness; on the other hand, the withdrawal of 1,350 BTC from a newly created wallet and the address like sat0shi777, which has a total position of about $102 million, facing unrealized losses of about $1.86 million and $1.23 million respectively for BTC longs and ETH shorts, reminds the market that there still exists the risk of amplified volatility at the levels of holding concentration and derivatives leverage, and the inflow and outflow of large addresses along with stop-loss actions will directly shape short to mid-term price paths. In future assessments of Bitcoin's medium to long-term security status, it is essential to distinguish between "network security" (miner income and computational power incentives) and "holding structure risk" (institutional and large holder concentration), and to continuously track whether more publicly traded companies disclose holding situations, miners’ income trends, and if the on-chain behaviors of newly created wallets and large addresses continue the current trend, to prevent any single indicator from being misinterpreted as a sufficient proof of overall security.
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